(Update, 28 October 2020 – Service Not turned on. Not sure when)

Older post: Mutual transactions between mobile financial service providers (MFS) are finally starting. Besides, transactions can be done with any of the major banks through mobile based financial services like bKash, cash, rocket etc. Bangladesh Bank has recently issued a circular in this regard.

Sent to the CEOs of all Scheduled Banks and Mobile Financial Services (MFS) operating in Bangladesh 3 According to the circular, the mutual transaction facility will be launched between the banks and MFS institutions which have successfully completed the pilot testing from Tuesday, October 26, 2020. (Update, 28 October 2020 – Service Not turned on. Not sure when)

Banks and MFSs which have not yet completed the preparations for mutual transactions, have been given time till March 31, 2021 to complete the necessary preparations.

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At present money can be sent from one bank account to another. But so far money could not be sent from one mobile financial service to another mobile financial service. This means that so far bKash customers could not send money to cash or rocket account, rocket customers to bKash or cash account, cash customers could not send money to bKash or rocket account. This will be possible if the mutual transaction system is introduced.

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Already bKash, Rocket and has introduced cash withdrawal facility from banks. Sending money from development to different banks Goes. There is also the facility to take development money from multiple banks On. Besides It is also possible to send money for development from the card.

Banks and these MFS service providers will work together through National Payment Switch Bangladesh (NPSB).

This was published last Thursday In the circular Apart from announcing the introduction of inter-transaction facility, Bangladesh Bank has also informed about the related fees and rules.

For remittances from one MFS (e.g. bKash) to another MFS (e.g. cash), a fee of 0.60% of the total amount transacted will be applicable, which the recipient service provider will receive from the sender service provider. In case of transactions between the bank and the MFS firm, the bank will always receive 0.45 per cent of the total transaction fee from the MFS.

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For the time being this new transaction system adds no extra fee for the customers Not at all, And the cost of withdrawing money from mobile banking services remains the same. According to the circular of Bangladesh Bank, the participating MFS and the bank will not be able to impose any additional fee on the existing transaction fee at the customer level in case of this mutual money transaction.

Banks and MFS institutions that have successfully completed the transaction system will start trading from October 26. And those who are not yet ready to launch this facility, Bangladesh Bank has given them time till March 31, 2021. Among them, they also have to launch this facility.